But a $5 billion market cap doesn't make Bitcoin useful for very much at all. If it were to be used solely for a small proportion of remittances a few days of transactions would gobble that up.
But the bitcoin can be recycled quite a few times during the course of a year.
Anyhow, remittance use is only just beginning. I doubt bitcoin has penetrated even 1% of the remittance market yet. Remittances can be expected to become a major part of the fundamental value over a 2 year time frame, but they are not yet signficant. It's too hard to convert BTC to Som or Cedi, still.
My current fundamental value estimate is 640 USD. Expect it to trade at a discount during the current stressed conditions.
